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$21.7 Billion Crude Oil Proceeds Not Remitted in Four Years, NEITI Tells Reps

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday claimed that $21.7 billion proceeds of crude oil sales was not remitted to the federation account between 2011 and 2014.

NEITI’s Executive Secretary, Mr. Waziri Adio, also claimed that the $15.8 billion Nigeria Liquefied Natural Gas (NLNG) Federal Government dividend proceeds is yet to be accounted for.

Adio made the startling revelation while testifying before the Mr. Abdulrazak Namdas led ad-hoc committee probing how $17 billion was allegedly stolen between 2011 and 2014.

He explained that effort by his outfit to prevail on the Nigeria National Petroleum Corporation (NNPC) to render account of the NLNG 49 per cent proceeds of the dividend is yet to yield result.

He further alleged that the country lost an additional sum of $15.9 billion due to the nefarious activities of pipeline vandals, crude oil thieves and inefficient practices in the oil and gas sector of the economy during the period under review.

Warning against the reintroduction of the controversial oil swap policy, he disclosed that the country recorded the loss of $600 million on yearly basis before the policy was terminated.

Since NNPC is now more transparent, he said the passage of the petroleum industry bill (PIB) would avert the loss of $200 billion investment in the oil and gas sector of the economy.

He enjoined the authorities to emulate Saudi Arabia’s oil company, Aramco which installed its first Production Operations Surveillance Hub (POSH) to avert incidences of vandalism and oil theft.

Nigeria Custom Service (NCS), Deputy Comptroller tariff and trade, Mr. Ayalogu Anthony, in his testimony admitted that his outfit lacks the facility to monitor the quantum of crude oil exports on the high seas.


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